PANews reported on October 9th that Kerrisdale Capital, a prominent short-selling firm, announced it has shorted Bitmine, the Ethereum treasury reserve company. The firm believes the DAT (Digital Asset Treasury) model has become mediocre, with the market flooded with copycat projects, resulting in a collapse in premiums and a loss of the ability to increase ETH per share by issuing shares above net asset value. Companies pursuing this "crypto-asset treasury strategy" originally planned to raise over $100 billion, but the scarcity that underpinned the high premiums has been shattered. Today, many of these companies' shares are trading near or below net asset value, stalling their self-circulating mechanism and beginning to collapse. MSTR, one of the earliest DATs, has seen its premium decline from 2-2.5 times its net asset value to approximately 1.4 times. BMNR's premium has also continued to decline, with expectations of parity with or even lower than its net asset value. Currently, BMNR's MNAV is approximately 1.4 times, leaving over 40% room for further decline.PANews reported on October 9th that Kerrisdale Capital, a prominent short-selling firm, announced it has shorted Bitmine, the Ethereum treasury reserve company. The firm believes the DAT (Digital Asset Treasury) model has become mediocre, with the market flooded with copycat projects, resulting in a collapse in premiums and a loss of the ability to increase ETH per share by issuing shares above net asset value. Companies pursuing this "crypto-asset treasury strategy" originally planned to raise over $100 billion, but the scarcity that underpinned the high premiums has been shattered. Today, many of these companies' shares are trading near or below net asset value, stalling their self-circulating mechanism and beginning to collapse. MSTR, one of the earliest DATs, has seen its premium decline from 2-2.5 times its net asset value to approximately 1.4 times. BMNR's premium has also continued to decline, with expectations of parity with or even lower than its net asset value. Currently, BMNR's MNAV is approximately 1.4 times, leaving over 40% room for further decline.